2020 CEO Survey: Anthony Eisen, Afterpay

What started as a period of extreme uncertainty turned into a real opportunity for Afterpay, says CEO Anthony Eisen.

What are the three enduring lessons or changes to flow from COVID-19?

How important it is to remain vigilant around looking after the health and wellbeing of your people. COVID-19 has shone a light on the importance of checking in with your employees on a regular basis and making sure you have the right support systems in place to help them through challenging circumstances, whatever they may be.

COVID-19 has highlighted the underlying structural shifts in behaviour that were already underway – including the move toward online and away from traditional forms of payment like credit cards. While these shifts started after the GFC, COVID-19 has accelerated them.

What started as a period of extreme uncertainty turned into a real opportunity for Afterpay. The flexibility of our business model put us in a fortunate position when many others were not and we are very grateful for that. Maintaining this flexibility will continue to be a key focus for us.

How would you rate the shape of the Australian economy as we head into the new year?

Australians can enter the new year with a sense of optimism that the economic impact of COVID may not be as great as anticipated. This is due in large part to the health and economic response measures.

From a retail perspective, we know that spending has recovered — in some cases it is now above pre-COVID-19 levels — and there have been very positive signs in terms of spending activity as we move further into the traditional holiday season.

What three reforms are needed to sustainably grow the economy?

The government has already made important progress in recognising the role that innovation can play across all sectors and from a fintech perspective, in terms of creating greater consumer choice and better consumer outcomes.

Continued focus on supporting and delivering regulatory outcomes that are fit-for-purpose and support positive outcomes for the relevant stakeholders.

Sustained support for start-ups and for new industries and technologies.

What are the three best growth opportunities for your company in 2021?

Our business is all about growth — expansion in our existing markets and entry into new international markets are central to our strategy and ambitions.

The network effect we create drives a higher transaction frequency per customer and sees them shop across a growing number of retailers. By growing our network we provide customers with more opportunities to use Afterpay, generate more revenue for retailers and deliver growth for Afterpay.

Delivering new products and services for our customers — like introducing Afterpay transaction and savings accounts.

What impact will digital transformation have on your company?

Digital transformation is in Afterpay’s DNA — it is the foundation upon which our business was built and it will enable us to continue to evolve to best serve our customers and retail partners into the future.

How would you rate business, state and federal government performance this year?

The speed and comprehensiveness of response by governments of all levels — from both a health and economic policy perspective — is world-leading and should be commended.